What a day, what a swing on Friday October 10th, US stock market was freaking everybody out,S&P 500 futures plunged 40 points to as low as 838.80 in 7 minutes right after the opening bell, that was triggered by panic selling, margin call liquidation and short sellings, remember we just opened for short selling after the 10 day ban? It then quickly come back and made a intraday high to as much as 920 at 10:08am EST, when every body thought it was the long waited monster rally and rushed in, the S&P slowly fell back as we can see from the intraday 1 min chart, it had made clear lower low and lower highs until it once again tested the 850 support at around 12:00 pm est, it tested the 850 support 5 times during the course of the trading day when the last batch of bulls got stopped out or lost their confidence, the short covering rally triggered at 3:00pm EST, short sellers panic, they covered shorts at all cost, and we have Goldman Sache came in and bought 7000 contracts in 3 mins, everybody rushed in and pushed S&P from 844 all the way to 940, that's 96 points or 11.37% rally in 30 mins! Even though the S&P still closed lower at 899.22, down 10.70 points, or 1.18%, the daily chart is a relief, I expect the S&P to come back to 1000 area within next week.
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